CleanSpark signs $6.6 billion, 20-year data center lease with unnamed global tech firm

CleanSpark (CLSK) signed a 20-year lease with an unnamed high-investment-grade global technology company for its data center campus in Sandersville, Georgia, worth about $6.6 billion in contracted revenue.

The bitcoin miner disclosed the triple-net agreement Tuesday, along with two five-year extension options that would lift the total to as much as $11.6 billion if exercised. The tenant will deploy 175 MW of critical IT load at Sandersville, with deliveries expected to begin in the fourth quarter of 2027, according to CleanSpark’s announcement.

A triple-net agreement is a commercial real estate lease where tenants agree to cover the rent, insurance and any typical ongoing operating expenses for a property.

"While the tenant remains confidential, they are a global technology company among the high-investment-grade cohort," CleanSpark wrote in its announcement, noting 

Tuesday’s deal also reaches beyond Sandersville, Georgia, as the companies plot out a "substantially larger relationship." The same unnamed tenant executed a letter of intent and exclusivity arrangement covering CleanSpark's entire Texas portfolio, which spans 718 acres and up to 885 MW of secured and planned power capacity across its Sealy and Brazoria campuses. 

"This lease is a transformational moment for CleanSpark as we complete our evolution into a diversified digital infrastructure platform and begin monetizing our power portfolio at institutional scale," CleanSpark CEO and Chairman Matt Schultz said in the statement.

Per details shared on July 14, the agreement carries an expected cumulative net operating income contribution margin of nearly 100%, or an average annual net operating income (NOI) contribution of about $330 million, the company said. CleanSpark estimated landlord project costs of $10 million to $12 million per MW of critical IT load.

AI pivot

The lease marks the clearest monetization yet of an AI pivot CleanSpark began signaling in October 2025.

At the time, the firm hired a former Humain executive to lead its data center expansion and started reviewing its Georgia power sites for large-scale conversion.

The company reported record revenue for fiscal 2025 the following month, while reframing itself as a compute platform capable of serving both bitcoin mining and AI workloads. The move placed CleanSpark inside a broader migration of bitcoin miners toward AI and high-performance computing infrastructure.

Bernstein analysts in May flagged several miners, CleanSpark among them, as beneficiaries of surging demand for AI infrastructure, citing more than $90 billion in AI data center deals.

CLSK shares traded at at roughly $14.45 during pre-market hours on Tuesday, up over 15% against Monday's close of $12.36 following the leasing agreement announcement, according to The Block's stock page.